Emittance
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-01-2026 PDF all 4 filings
Turnover
≈ €140,000
Estimated: probably between €110,000 and €190,000
Total assets
€128,303▲ 4.4%
2024 · €122,867
Net result
€25,388▼ 45.4%
2024 · €46,521
Working capital
€74,612▲ 51.6%
2024 · €49,232
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€35,001
▼ 42.4%
2025
20222025
Net result
€25,388
▼ 45.4%
2025
middle half of the sector
20222025
Equity
€91,649
▲ 38.3%
2025
middle half of the sector
20222025
Total assets
€128,303
▲ 4.4%
2025
middle half of the sector
20222025
Debt
€36,654
▼ 35.2%
2025
20222025
Working capital
€74,612
▲ 51.6%
2025
middle half of the sector
20222025
Solvency
71.4%
▲ 17.5pp
2025
middle half of the sector
20222025
Current ratio
3.09
▲ 1.22
2025
middle half of the sector
20222025
Return on assets (ROA)
19.8%
▼ 18.1pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€212,447-€108,055▼ 49.1%€60,803▼ 43.7%€35,001▼ 42.4%
Net result€163,194above the sector's middle half-€84,162above the sector's middle half▼ 48.4%€46,521within the sector's middle half▼ 44.7%€25,388within the sector's middle half▼ 45.4%
Equity€19,578below the sector's middle half-€19,740below the sector's middle half▲ 0.8%€66,261within the sector's middle half▲ 236%€91,649within the sector's middle half▲ 38.3%
Total assets€247,309within the sector's middle half-€108,626within the sector's middle half▼ 56.1%€122,867within the sector's middle half▲ 13.1%€128,303within the sector's middle half▲ 4.4%
Debt€227,731-€88,886▼ 61.0%€56,606▼ 36.3%€36,654▼ 35.2%
Working capital-€5,027below the sector's middle half--€1,962below the sector's middle half▲ 61.0%€49,232within the sector's middle half€74,612within the sector's middle half▲ 51.6%
Solvency7.9%below the sector's middle half-18.2%below the sector's middle half▲ 10.3pp53.9%within the sector's middle half▲ 35.8pp71.4%within the sector's middle half▲ 17.5pp
Current ratio0.98below the sector's middle half-0.98below the sector's middle half=1.87within the sector's middle half▲ 0.893.09within the sector's middle half▲ 1.22
Return on assets (ROA)66.0%above the sector's middle half-77.5%above the sector's middle half▲ 11.5pp37.9%above the sector's middle half▼ 39.6pp19.8%within the sector's middle half▼ 18.1pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 42% lower than in 2024 and the lowest since 2022. It is the third fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €128,303
Fixed assets
€17,929 ▲ 5.3%
Current assets
€110,374 ▲ 4.3%
Equity and liabilities €128,303
Equity
€91,649 ▲ 38.3%
Debt
€36,654 ▼ 35.2%
Debt's share of the balance-sheet total falls from 46.1% to 28.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€42,120▼
2024 · €70,102
Cash flow
€32,507▼
2024 · €55,820
Debt to equity
0.40▼
2024 · 0.85
ROE
27.7%▼
2024 · 70.2%
Interest coverage
40.42▼
2024 · over 100
Debt ≤ 1 year
€35,762▼
2024 · €56,606
Income taxes
€8,651▼
2024 · €13,657
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €12,933 | €7,166 | €4,626 | €8,020 |
| Depreciation and write-downs of the year | €9,349 | €10,069 | €9,299 | €7,119 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,349 | €10,069 | €9,299 | €7,119 | ▼ 23.4% |
| Other operating charges640/8 | €5,390 | €1,050 | €735 | €1,078 | ▲ 46.7% |
| Gross operating margin9900 | €227,186 | €119,175 | €70,837 | €43,198 | ▼ 39.0% |
| Operating profit (loss)9901 | €212,447 | €108,055 | €60,803 | €35,001 | ▼ 42.4% |
| Financial income75/76B | €10 | €10 | €10 | €80 | ▲ 665% |
| Recurring financial income75 | €10 | €10 | €10 | €80 | ▲ 665% |
| Financial charges65/66B | €194 | €279 | €636 | €1,042 | ▲ 63.9% |
| Recurring financial charges65 | €194 | €279 | €636 | €1,042 | ▲ 63.9% |
| Profit (loss) for the period before taxes9903 | €212,262 | €107,787 | €60,177 | €34,039 | ▼ 43.4% |
| Income taxes67/77 | €49,068 | €23,625 | €13,657 | €8,651 | ▼ 36.7% |
| Profit (loss) for the period9904 | €163,194 | €84,162 | €46,521 | €25,388 | ▼ 45.4% |
| Profit (loss) for the period to be appropriated9905 | €163,194 | €84,162 | €46,521 | €25,388 | ▼ 45.4% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €247,309 | €108,626 | €122,867 | €128,303 | ▲ 4.4% |
| Fixed assets21/28 | €24,605 | €21,702 | €17,029 | €17,929 | ▲ 5.3% |
| Tangible fixed assets22/27 | €24,605 | €21,702 | €17,029 | €17,929 | ▲ 5.3% |
| Plant, machinery and equipment23 | - | €3,150 | €6,963 | €10,640 | ▲ 52.8% |
| Furniture and vehicles24 | €16,451 | €13,832 | €8,779 | €7,289 | ▼ 17.0% |
| Other tangible fixed assets26 | €8,154 | €4,720 | €1,286 | €0 | ▼ 100% |
| Current assets29/58 | €222,704 | €86,924 | €105,838 | €110,374 | ▲ 4.3% |
| Amounts receivable within one year40/41 | €74,243 | €78,690 | €44,966 | €46,840 | ▲ 4.2% |
| Trade receivables40 | €58,253 | €32,038 | €43,623 | €37,911 | ▼ 13.1% |
| Other amounts receivable41 | €15,990 | €46,652 | €1,343 | €8,929 | ▲ 565% |
| Cash at bank and in hand54/58 | €147,999 | €7,582 | €60,289 | €61,087 | ▲ 1.3% |
| Deferred charges and accrued income490/1 | €462 | €652 | €582 | €2,447 | ▲ 320% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €247,309 | €108,626 | €122,867 | €128,303 | ▲ 4.4% |
| Equity10/15 | €19,578 | €19,740 | €66,261 | €91,649 | ▲ 38.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €0 | - | - | - | - |
| Non-distributable reserves130/1 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | €0 | - | - | - | - |
| Distributable reserves133 | €0 | - | - | - | - |
| Profit (loss) carried forward14 | €978 | €1,140 | €47,661 | €73,049 | ▲ 53.3% |
| Amounts payable17/49 | €227,731 | €88,886 | €56,606 | €36,654 | ▼ 35.2% |
| Amounts payable within one year42/48 | €227,731 | €88,886 | €56,606 | €35,762 | ▼ 36.8% |
| Financial debts43 | €4,275 | €374 | €2,106 | €1,408 | ▼ 33.2% |
| Credit institutions430/8 | €4,275 | €374 | €2,106 | €1,408 | ▼ 33.2% |
| Trade debts44 | €737 | €2,516 | €2,194 | €583 | ▼ 73.4% |
| Suppliers440/4 | €737 | €2,516 | €2,194 | €583 | ▼ 73.4% |
| Taxes, remuneration and social security45 | €36,409 | €30,278 | €10,249 | €13,216 | ▲ 28.9% |
| Taxes450/3 | €36,409 | €30,278 | €10,249 | €13,216 | ▲ 29.0% |
| Remuneration and social security454/9 | - | - | €1 | €0 | ▼ 100% |
| Other amounts payable47/48 | €186,309 | €55,719 | €42,056 | €20,555 | ▼ 51.1% |
| Accrued charges and deferred income492/3 | - | - | - | €893 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €163,194 | €84,162 | €46,521 | €25,388 | ▼ 45.4% |
| + Depreciation and write-downs630 | €9,349 | €10,069 | €9,299 | €7,119 | ▼ 23.4% |
| Operating cash flow (approximation) | €172,544 | €94,231 | €55,820 | €32,507 | ▼ 41.8% |
| Investment in fixed assets (approximation) | - | -€7,166 | -€4,626 | -€8,020 | ▼ 73.4% |
| Change in cash | - | -€140,417 | €52,708 | €797 | ▼ 98.5% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as Emittance has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Emittance itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for Emittance. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.